Telus Corp. painted a much clearer picture Thursday about how its businesses in Canada’s oilpatch have weathered the uncertainty and job losses resulting from the ongoing rout in oil prices.

In Alberta, the carrier said that it gained a mere 4,400 new postpaid subscribers on a net basis during the second half of 2015, down from a net 50,000 during the same period last year. It disclosed that average revenue per customer plunged in excess of 4.5 per cent.

In the fourth quarter alone, business users in the province trimmed their monthly bills by an average of 7.6 per cent. The rate of monthly disconnections also ticked higher, but it’s still “remarkably lower” than the national rate, which ranks the best among the Big Three.

It’s a good thing “Western Canada isn’t one province. It’s two. The B.C. economy has been very strong for us,” chief executive Darren Entwistle said Thursday on the Vancouver telco’s fourth-period earnings call.

“If we can generate results of this ilk within the context that we face now economically in Alberta, then I’d say we have a very bright future ahead … whilst we work our way through the eventual Alberta recovery.”

According to estimates complied by analysts at RBC Capital Markets, Telus commands 48 per cent of the province’s wireless market, which accounts for 23 per cent of its wireless revenues and 11 per cent of total sales. Rivals BCE Inc. and Rogers Communications Inc. possess 24 and 25 per cent, respectively, of sales.

In the fourth quarter, Telus posted profits excluding some items of 54 cents a share, which fell a penny short of average estimates on Bay Street. Revenues for the three months ended Dec. 31 were $3.22 billion, just shy of the $3.25 billion analysts were expecting. Net income decreased 16.3 per cent to $261 million.

Shares of Telus fell four per cent in early trading before paring back losses. By midday its stock had fallen 1.3 per cent to $39.32, as the country’s benchmark index lost 1.4 per cent. Its stock has added 2.4 per cent to start 2016. In the past year, it’s fallen 10 per cent, amid heightened volatility and competitive pressure.

As it tries to protect its wireless profit margins amid slowing growth, Telus is managing its cost structure.

In November, the company announced plans to eliminate 1,500 jobs over the next several quarters, which can slash as much as $125 million in annual costs. Telus said “a notable number” of the cuts are voluntary exits or early retirements. As the telco reduces its headcount, it continues to allocate extra capital to bolstering its dividend, buying back its shares near all-time highs, and improving its cellular and broadband networks.

“Telus, at least, give them credit for being proactive about costs,” said David Heger, an analyst at Edward Jones. However, “investors are going to applaud more if you can get profit growth from revenue growth.”

In the fourth quarter, it posted $99 million in restructuring and other costs, up from $26 million in the prior year. Three-fourths of that came in the wireline segment, where Telus is spending billions to upgrade its fibre-optic cables in Edmonton and Vancouver. In 2016, it expects restructuring to account for $175 million in costs, compared to $226 million in 2015. Some of the initiatives it is pursuing include: the outsourcing of business processes; offshoring, reorganizing and integrating; procurement; and rationalizing real estate.

The wireless carrier added a net 62,000 cellphone users to monthly contracts, or 56,000 fewer than what Telus gained during the same period last year. It says this was due to rising smartphone prices, increased churn among its subscriber base and the side effects of the worsening Alberta economy. In contrast, BCE Inc. posted a net 91,308 new contract users, and Rogers Communications Inc. had 31,000 new accounts.

Last quarter, Telus added a net 69,000 new contract customers, Rogers had 77,000 and BCE had 77,655.

“By no means were the numbers a disaster, or anything,” Heger said. “But, in recent years, Telus has been viewed as a strong player and share gainer in wireless and in the last two quarters it seems as though that its strength has slowed to some degree and, perhaps, BCE has taken the lead in investors’ minds.”

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